China’s housing market appears to be cooling down as transaction volumes in many cities remained sluggish in October, China News Services reported.

Ten major cities, including Beijing and Shenzhen, saw a 25% month-on-month or 9% year-on-year drop in second-hand home transactions, according to the latest report published by Shanghai E-House Real Estate Research Institute.

In the past four months, the transaction volume continued to be sluggish and hit a 48-month low.

Due to the influence of the central government’s determination to “resolutely curb the rise in housing prices” and continuous regulations such as credit control, buyers are less likely to enter the housing market.

Although the central government has not proposed more stringent regulations, current policy for the housing market is unlikely to be relaxed.

Furthermore, any moves to change the current cooling trend will be very difficult, according to Wang Jinzhao, an analyst at the E-House Real Estate Research Institute.